Reuters: Couche-Tard Denies NDA With Seven & i 

The NDA rumor came amid discussion that the retailers may need to offload stores to meet U.S. antitrust conditions. 

March 19, 2025

Alimentation Couche-Tard CEO Alex Miller said this morning that no non-disclosure agreement had been signed with Seven & i over potential stores the two companies would need to sell to meet U.S. antitrust conditions for a deal, reported Reuters.

“Earlier in the day, a Seven & i spokesperson said the companies had signed NDAs in early March and only cover stores that are likely divestiture candidates,” wrote the outlet.

According to The Wall Street Journal, the scope of the rumored nondisclosure agreement “is limited to the potential sale of some stores run by the companies in the U.S. and isn’t meant to discuss a possible sale of the entire Seven & i Holdings group.”

"We have not signed an NDA with Seven & i. We are working with Seven & i together around a marketing package of what a divestment would look like in the United States," Miller said in a post-earnings call. "That marketing program has begun, and there are NDAs being signed by potential buyers in that process."

The report of the NDA comes after ACT said it would continue its friendly pursuit of Seven & i. ACT’s top executives, including founder and executive chairman Alain Bouchard, CEO Alex Miller and CFO Filipe Da Silva, visited Tokyo last week to speak with media about its $47 billion bid to buy Seven & i.

“We are continuing to pursue a friendly, mutually agreeable transaction” with Seven & i, Bouchard said at the Tokyo news conference. “We believe our proposal provides clear value to all stakeholders and should be generally and adequately considered.”